CALIFORNIA: News and Insight on Business in the Golden State | THE STATE / BANKING

L.A., Mexican Banks to Form Partnership

Los Angeles-based Far East National Bank plans to acquire a 51% stake in Banco Industrial of Guadalajara. The two banks, which have signed a letter of intent, hope their partnership will boost lending activities to Taiwanese companies that have set up shop in Mexico, mainly in western states. They did not disclose how much Far East will pay for the stake. Far East was acquired in August by Bank SinoPac, one of Taiwan's largest private banks. Banco Industrial and Far East said they plan to invest $60 million in Mexico over the next three years.